Learn More About The Seller’s Property Condition Disclosure Statement

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Have you heard about the groundbreaking real estate law in New York? As of September 2023, a mandatory property condition disclosure statement is making waves for sellers and buyers. This statement, previously optional, now demands completion during property sales, featuring crucial flood history inquiries. Protecting buyers in a climate-risk era. It's essential for buyers to obtain this form and for sellers to have it ready for potential buyers. Stay informed and connect with your real estate agent or attorney early in the process for compliance.

The property condition disclosure in New York is a required document that sellers of residential real estate must fill out and provide to potential buyers. It contains information about various aspects of the property, such as its structure, systems (like heating or electrical), any known defects, environmental concerns, and other relevant details. This disclosure aims to offer transparency to buyers by outlining the property's condition to the seller's best knowledge, helping buyers make informed decisions before purchasing a property in New York.

Now, brace yourself for the big change—mandatory completion of the disclosure statement during a property sale. The spotlight of this alteration? Additional questions about flood history. Is your property in a flood-prone area? Do you have flood insurance? Any previous claims? These questions aim to safeguard buyers in an era of escalating climate risks.

For buyers, ensure you receive this crucial form when making a purchase. Your real estate agent or attorney should provide it. Sellers, take note: it's vital to have this form completed and available for potential buyers. Connect with your agent or attorney early in the selling process to ensure compliance

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Justin R. Simmons, MPA
LICENSED REAL ESTATE ASSOCIATE BROKER
Exit Realty DKC
CELL: 917-254-2103
Office: 718-676-1371
CT LIC #: 814656
NYS LIC #: 10301219942 Justin R. Simmons, MPA
LICENSED REAL ESTATE ASSOCIATE BROKER
Exit Realty DKC
CELL: 917-254-2103
Office: 718-676-1371
CT LIC #: 814656
NYS LIC #: 10301219942